The funding will help Gecko Robotics expand its operations and accelerate development. Here are the top-line bullets you need to know.
Gecko Robotics, a robotics startup, has raised $73.3M in a Series C. The round drew participation from Drive Capital, XN Exponent Holdings, XYZ Ventures, Mark Cuban, and Founders Fund, among others.
HOW’S THE COMPANY PERFORMING?
- Pennsylvania-based Gecko Robotics offers inspection robots for enterprises in the power generation, heavy manufacturing, and oil and gas industries.
- The company caters to several clients, including BP and Duke Energy.
- Gecko Robotics has offices in Pittsburgh, Houston, Austin, New York City, Boston, and Europe.
Source: Gecko Robotics
WHY DOES THE MARKET MATTER?
- The global inspection robots market is expected to reach a value of $13.9B by 2030, growing at a CAGR of 30.9%, according to Allied Market Research.
- The increasing adoption of automation in industrial manufacturing has contributed to market growth.
- Companies are increasingly turning to this technology in order to conduct inspections that would prove to be difficult or dangerous for humans to perform.